Consumer Protection Agency

The Obama administration's consumer financial watchdog agency is backing off a plan to limit big upfront fees on credit cards. The Consumer Financial Protection Bureau acknowledged Thursday that its proposal would increase costs for cardholders and allow banks to charge more in fees.

Elizabeth Warren said Friday that she had accepted the position of creating a consumer financial protection agency, and vowed the agency would put an end to "tricks and traps" in consumer lending.
In a White House blog post this morning, Warren said she "enthusiastically agreed" to take the position of assistant to the President and adviser to Treasury Secretary Timothy Geithner.

President Barack Obama may appoint Elizabeth Warren as the interim head of the new consumer protection bureau, avoiding a possibly contentious Senate confirmation.
The White House is exploring ways that Warren could run the bureau without having to go through a confirmation battle, The New York Times reported without naming its sources.